Middle East and Africa Facial Recognition Market to Grow at a CAGR of 11.9% to reach US$ 355.62 million from 2021 to 2028

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Middle East and Africa Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Application (Security & Surveillance, Access Control, and Others), and Vertical (BFSI, Retail and E-commerce, Government, Healthcare, Education, Automotive and Transportation, and Others) 

Publication Month: May 2022 | Report Code: TIPRE00029033 | No. of Pages: 116 | Category: Technology, Media and Telecommunications | Status: Published

The facial recognition market in Middle East & Africa is expected to grow from US$ 161.97 million in 2021 to US$ 355.62 million by 2028; it is estimated to grow at a CAGR of 11.9% from 2021 to 2028.

The “fourth industrial revolution,” Industry 4.0, is characterized by rapid and converging advancements in multiple next-generation technologies, including artificial intelligence (AI). The newly developed facial recognition systems use advanced artificial intelligence features, IP cameras, machine learning algorithms, and cognitive technology to verify a person from a video source or a digital image. While traditional facial recognition systems have loopholes, advanced AI-based facial recognition systems deliver far superior accuracy. Moreover, many companies are eliminating traditional fingerprinting scanners from their security systems, which is paving the way for the greater adoption of AI-based facial recognition systems. In addition, apart from technology giants, the military sectors are also planning to adopt the AI technology for AI-based battlefield challenges. Thus, AI-powered facial recognition technology is bolstering the market growth. Moreover, increasing government initiatives and investments in promoting AI-based facial recognition technologies are further propelling the facial recognition market growth.

 

Middle East & Africa Facial Recognition Market Revenue and Forecast to 2028 (US$ Million)

Middle East & Africa Facial Recognition Market Revenue and Forecast to 2028 (US$ Million)

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Middle East & Africa Facial Recognition Market Segmentation

The Middle East & Africa facial recognition market is segmented on the basis of component, application, vertical, and country. Based on component, the market is segmented into software and services. In 2020, the software segment held a larger market share. The Middle East & Africa facial recognition market for the software segment is further segmented into 2D facial recognition, 3D facial recognition, and facial analytics. In 2020, the 3D facial recognition segment held the largest market share. The market for the services segment is subsegmented into training & consulting, integration and implementation, and support & maintenance. In 2020, the integration and implementation segment held the largest market share. Based on application, the Middle East & Africa facial recognition market is segmented into security & surveillance, access control, and others. In 2020, the security & surveillance segment held the largest market share. Based on vertical, the market is segmented into BFSI, retail and e-commerce, government, healthcare, education, automotive and transportation, and others. In 2020, the government segment held the largest market share. By country, the Middle East & Africa facial recognition market is segmented into South Africa, the UAE, and the rest of Middle East & Africa. South Africa contributed a substantial share in 2020. 

Aware Inc., Fujitsu Limited, IDEMIA, NEC Corporation, Onfido, and Thales Group are among the leading companies in the Middle East & Africa facial recognition market.

  1. Aware Inc.
  2. Fujitsu Limited
  3. IDEMIA
  4. NEC Corporation
  5. Onfido
  6. Thales Group
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa Facial Recognition market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa Facial Recognition market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the Facial Recognition market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TIPRE00029033
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